Lagos Disburses N1bn Pension To 543 Retirees Under Contributory Scheme
The Lagos State Government has disbursed over ₦1 billion as accrued pension rights to 543 retirees under the Contributory Pension Scheme (CPS), reaffirming its commitment to the welfare and financial security of retired public servants.
The payment was announced on Friday at the 113th Retirement Benefit Bond Certificate Presentation Ceremony, held at the Adeyemi Bero Auditorium, Alausa, Ikeja.
Speaking at the event, the Head of Service (HoS), Olabode Agoro, said the consistent settlement of retirement benefits reflects the state’s enduring pledge to honour the service and sacrifice of its workforce.
Agoro, who was represented by the Permanent Secretary, Public Service Office, Olasunkanmi Oyegbola, described pension payments as more than a policy obligation, stressing that they represent a moral commitment Lagos State has continued to uphold.
He commended the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, and the commission’s staff for ensuring the seamless and timely processing of retirees’ entitlements.
According to Agoro, a total sum of ₦1,014,835,820.80 was credited directly into the Retirement Savings Accounts (RSAs) of retirees drawn from the mainstream civil service, local governments and local council development areas, the Lagos State Universal Basic Education Board (SUBEB), the Teaching Service Commission (TESCOM), and other state parastatals.
The HoS attributed the sustained payment of accrued pension rights to the continued support of Governor Babajide Sanwo-Olu, noting that the administration has consistently prioritised the welfare of retirees despite prevailing economic pressures.
In his welcome address, Obilana described the ceremony as more than a statutory exercise, saying it symbolised formal recognition of years of dedicated service and the tangible fulfilment of government obligations to its workforce.
He noted that Lagos State has adopted a structured, transparent and technology-driven pension administration system, designed to eliminate uncertainty, delays and inefficiencies associated with pension payments.
Obilana added that the commission was strengthening internal controls, reducing processing timelines, and deploying digital solutions to enhance accuracy and efficiency in pension management.
The ceremony was attended by senior government officials, pension sector stakeholders, and representatives of Pension Fund Administrators (PFAs) and Annuity Service Providers, underscoring the collaborative effort behind the state’s pension administration framework.